Business

4:10 pm

Thu January 17, 2013

Austin No. 2 in Economic Growth

Austin has come out on top, almost, in an economic ranking of U.S. cities.

The Milken Institute said Austin is the second best performing city, based on measures like job growth and wage increases. The study’s author, Ross De Vol, say technology is the region’s big wealth driver.

De Vol says what Austin needs to catch No. 1 city San Jose is more money for growing businesses.

“It’s going to take some further growth in the tech sector,” De Vol said. “I think we’re going to need to see a bit stronger infusion of venture capital and the job creation that comes with it.”

Seven Texas cities were in the top 25. De Vol says low taxes, business-friendly regulation, and the oil and gas industries are helping the state’s economy.